商业银行适当性义务的法律构造与司法适用研究——基于234份裁判文书的实证分析
A Study on the Legal Structure and Judicial Application of Suitability Obligations of Commercial Banks—An Empirical Analysis Based on 234 Judgment Documents

商业银行适当性义务要求商业银行充分地了解投资者与产品，确保向投资者销售的产品同风险承受意愿、风险承受能力相匹配。我国商业银行适当性义务体系正在逐步完善，但仍存在法律构造不清晰，司法适用不明确的问题。商业银行适当性义务的法律构造应当包含了解义务和匹配义务，告知说明义务有独立的存在价值不应认定为适当性义务的构成部分。在判断商业银行适当性义务的履行时，除欺诈销售行为可以采用形式判断模式外，均应当采取实质判断模式，商业银行违反适当性义务侵犯投资者合法权益的，承担侵权责任。对商业银行违反适当性义务的责任分配，可以依据威尔伯格动态系统论建立责任分配体系，商业银行基于在信息、财力等方面的绝对优势地位，在违反适当性义务时有较大概率承担主要或全部责任。
The obligation of suitability of commercial banks requires them to fully understand investors and products, ensuring that the products sold to investors match their risk tolerance and willingness to bear risks. The suitability obligation system of commercial banks in China is gradually improving, but there are still issues with unclear legal structure and unclear judicial application. The legal structure of suitability obligation of commercial banks should include the obligation to understand and the obligation to match. The obligation to inform and explain should have independent existence value and should not be recognized as a component of the suitability obligation. When judging the performance of the suitability obligation of commercial banks, except for fraudulent sales behavior that can be judged in a formal manner, substantive judgment should be adopted. If a commercial bank violates the suitability obligation and infringes on the legitimate rights and interests of investors, it shall bear tort liability. The allocation of responsibility for commercial banks violating the obligation of suitability can be established based on Wilberg’s dynamic system theory. Commercial banks, based on their absolute advantage in information, financial resources, and other aspects, have a high probability of assuming primary or full responsibility when violating the obligation of suitability.